Wed, Jan 29, 2014
Airport To Receive $100 Million In Investments Over 40 Years
The Gary/Chicago International Airport Authority has unanimously approved development and management agreements to dramatically improve the economic landscape of the airport, the City of Gary and Northwest Indiana.
The agreements constitute a $100 million total investment in the airport and the City of Gary over 40 years by world class companies, and include an investment of $25 million in the first three years and a $300,000 investment in workforce development as well as performance incentives for revenue growth and profit sharing with the airport and the City of Gary.
"The decision to move forward with the Public Private Partnership shows great insight and forward thinking on the part of the airport board," said Mayor Karen Freeman-Wilson. "I have always maintained that the completion of the runway expansion without a viable plan for moving forward would be an exercise in futility. The P3 is a monumental opportunity for the airport and its surrounding footprint to be developed, creating sustainable opportunities for the city of Gary, its businesses and citizens as well as surrounding communities."
The management and development group is led by Aviation Facilities Company Inc./AvPORTS (AFCO). "AvPorts and AFCO are proud to have been selected by the City of Gary and Gary/Chicago International Airport Authority to develop and manage Gary/Chicago International Airport," said Steve Forrer, AFCO Executive Vice President. "This has been a long process and Gary has been an excellent partner every step of the way. With the transaction approved, we look forward to working with all of our partners so the people of Gary can realize the benefits of an enhanced airport and surrounding grounds."
Key to the agreement is that the Gary/Chicago International Airport Authority retains its public control over the airport while bringing in best-in-class private managers, investors and developers.
The agreements were negotiated by an Ad Hoc committee established by the Airport Authority in February 2013 to explore a public-private partnership to spur job creation and investment in the airport and the surrounding area. For nearly one-year, the committee followed an extensive public process including soliciting ideas from the marketplace and a conducting a comprehensive review of Request for Proposals. On October 25, 2013 the Ad Hoc committee announced exclusive negotiations with the AFCO team.
More News
Runway Lead-in Light System Runway Lead-in Light System Consists of one or more series of flashing lights installed at or near ground level that provides positive visual guidance a>[...]
Aero Linx: Aviation Without Borders Aviation Without Borders uses its aviation expertise, contacts and partnerships to enable support for children and their families – at hom>[...]
Dave Juwel's Aviation Marketing Stories ITBOA BNITBOB ... what does that mean? It's not gibberish, it's a lengthy acronym for "In The Business Of Aviation ... But Not In The Busine>[...]
From 2010 (YouTube Version): Yeah.... This IS A Really Cool Job When ANN's Nathan Cremisino took over the lead of our Aero-TV teams, he knew he was in for some extra work and a lot>[...]
Also: Junkers A50 Heritage, Montaer Grows, Dynon-Advance Flight Systems, Vans' Latest Officially, the Carbon Cub UL and Rotax 916 iS is now in its 'market survey development phase'>[...]
ANN's Daily Aero-Term (04.24.24): Runway Lead-in Light System
See All